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Searching for a Houston TX guaranteed issue life insurance plan that may fit your needs after looking at all your other options? Look no further than us as you’ll find no one better. The insurance experts at Best Life Insurance Houston Agency can answer any questions about guaranteed issue life insurance.
Are you weighing all your current insurance options to see which one works for you? Perhaps you’re searching for an insurance policy that won’t deny you? Are you worried about your age or illness barring you from getting any coverage? That’s okay; because of the several insurance options out there, guaranteed issue life insurance is a viable option.
Houston TX Guaranteed Issue Life Insurance
Per the name, you’ll automatically qualify for this insurance policy. However, because of that guaranteed issue life insurance is typically seen as a last resort. It is a type of insurance designed to solve specific problems for a particular group of people. If you don’t fit into that category, this is probably not your insurance policy.
Guaranteed issue life insurance, or guaranteed acceptance life insurance, is a specific type of whole life insurance. Whole life insurance is a type of permanent life insurance policy. Permanent life insurance policies cover you for a lifetime.
The most significant selling point of this type of life insurance is that you can’t be denied coverage. Regardless of your medical history, you’re automatically qualified for this policy. Therefore, it’s easy to apply for this type of life insurance.
The Cons of Guaranteed Issue Life Insurance
Everything sounds good so far, right, but not so fast! This insurance plan is a last resort; as such, there are some cons that come with it. Most companies have a minimum age between 40 to 50 to apply for coverage and won’t sell to people over 80. If you don’t fall into that age range, perhaps you should consider other types of insurance policies.
Guaranteed issue life coverage amounts are typically lower than most other types of coverage. Often, the amounts go no higher than $25,000. Most only purchase this type of insurance policy to cover final costs, such as the funeral and possible medical bills.
Not to mention, Houston TX guaranteed issue life insurance policies usually have high rates. It’s one of the most expensive ways to buy life insurance. Since no medical exam is necessary to apply for this insurance policy, most companies consider you high-risk.
Therefore, the costs for this policy are high from the start. Unless you have serious health issues that would get you denied from other insurance policies, first look into your other choices. Since this type of insurance policy is available for severely ill people, insurance companies use graded death benefits to protect themselves.
There’s usually a waiting period after buying the policy. Depending on the company, this could be anywhere from two to three years. If you pass away before the waiting period due to natural causes, your beneficiaries will only receive a refund of the premiums you paid, plus interest. However, if your death is an accident, the policy will pay the full coverage to your beneficiaries, even if the waiting period hasn’t passed yet.
Is This Type Of Insurance Worth It?
Guaranteed issue life insurance is a good choice for people who don’t have any other options. This includes the elderly and terminally ill, but it isn’t just limited to them. This also applies to those who’ve been denied other types of coverage.
There are some reasons you could get denied from other insurance policies, most being issues with your medical history. Any major medical issues like living in a hospice or going through dialysis can disqualify you. Having some kind of cognitive impairment or a terminal illness could also disqualify you.
Being diagnosed with HIV or any other significant medical problems could get you denied. If you have any of those medical issues, perhaps guaranteed issue life insurance is beneficial for you and your dependents. This type of insurance policy can help if you have medical conditions that would get you denied from other types of coverage.
Perhaps, you want to cover the final expenses after your passing. Guaranteed issue life insurance policies will protect your family from some financial burdens such as covering medical bills, clearing debt, or burial costs. Keep in mind; however, this will not be a large sum intended for a financially stable future. At Best Life Insurance Houston Agency, our agents can help figure out what your options really are.
Considering Guaranteed Issue Life Insurance
After considering all other options, you might find that guaranteed issue life insurance is the only choice. You’ll automatically qualify with guaranteed issue life insurance coverage regardless of your medical history. It will protect your dependents from any last financial burdens. Such as covering any final costs after your passing.
This could be great if you don’t think you have any other options. Insurance policy can be tailor-made for people, even in a situation as tight as guaranteed issue. You just have to keep in mind that guaranteed issue insurance isn’t the easiest to take on.
It can include high costs, low coverage amounts, and low-graded death benefits. It truly is a final option type of insurance policy. Go through the other types of insurance options available to you first. If you think guaranteed issue is still your only choice, then you should sit down with an agent.
Call Us Today!
If you have any questions regarding guaranteed issue life insurance, give us a call. Our experts at Best Life Insurance Houston Agency can answer any questions you have. We can’t wait to meet with you and figure out your best options together. If you’re curious about Houston TX guaranteed issue life insurance options, reach out today!
Houston, TX Fun Facts:
- There are more than 3500 restaurants on Westheimer Road alone.
- There are more than 150 museums in the city.
- The Aurora Picture Show has 800 films in its video library collection and is free to see.
- For more information, visit the official website.